This study aims to analyze the effect of Current Ratio (CR), Debt to Asset Ratio (DAR), and Inventory Turnover on Earning Per Share (EPS). This research employs a quantitative method with a causal-comparative ex-post facto approach. The population includes food and beverage companies listed on the Indonesia Stock Exchange (IDX) for the 2020-2023 period. The sampling technique used purposive sampling, resulting in 10 companies with a total of 40 observations. Data analysis was conducted using multiple linear regression utilizing SPSS version 25 software. The results indicate that partially, CR, DAR, and Inventory Turnover each have a significant effect on EPS. Simultaneously, these three independent variables significantly affect EPS with a determination coefficient of 83.7%. The implications of this study emphasize the importance of liquidity management, solvency, and inventory efficiency in improving corporate share profitability.

Purpose This study aims to illustrate how two important theoretical constructs, upper echelons theory and cognitive resource theory, can be applied to the presence of a prominent chief financial officer (CFO)/treasurer dual role (i.e. when a CFO also holds a treasurer title simultaneously) and relevant treasury, financial reporting and audit outcomes. Design/methodology/approach Using a sample of 4,899 firms from 2004 through 2019, the authors examine whether the presence of a CFO/treasurer dual role is associated with financial reporting quality, audit pricing, operating efficiency, the likelihood of receiving a going concern opinion, the frequency of management-issued earnings per share (EPS) guidance, cash flow management and investment efficiency. Findings The authors find that firms with a CFO/treasurer dual role, when compared to non-CFO/treasurer firms with (or without) a separate treasurer, have beneficial outcomes related to audit pricing and going concern opinions. CFO/Treasurer firms issue less frequent EPS guidance, have lower operating cash flow volatility and invest efficiently (i.e. do not under- or over-invest) when compared to non-CFO/treasurer firms with a separate treasurer. The authors document only limited evidence of higher financial reporting quality for CFO/treasurer firms compared to non-CFO/treasurer firms with (or without) a separate treasurer. Originality/value The results are consistent with the notion that firms with CFO/treasurers experience incremental benefits in relevant firm outcomes.

The purpose of this study is to examine how profitability ratios such as Gross Profit Margin (GPM), Net Profit Margin (NPM), Operating Profit (OP), Return on Equity (ROE), Return on Investment (ROI), Return on Assets (ROA), Earning Power (EP), and Earning per Share (EPS) have developed during the period between 2020 and 2024 in the mining sub-sector. This study analyzes five issuers on the Indonesia Stock Exchange: BRMS, ESSA, ANTM, INCO, and MDKA. The secondary data used are annual financial reports and closing stock prices as of December 31, which are analyzed using quantitative descriptive methods. The results show that most profitability ratios experienced a significant increase during the 2021–2022 period as a result of post-pandemic economic recovery and rising commodity prices worldwide. However, in the 2023–2024 period, profitability performance tended to decline as a result of increased operational cost pressures and falling commodity prices. Although not always applicable to every issuer, the movement of mining companies' stock prices shows a fluctuating pattern that is usually correlated with changes in profitability. These results provide an overview of the financial conditions and stock market dynamics in the mining industry, which investors can consider when making investment decisions.

This study examined the effect corporate governance and earnings quality: evidence from consumer goods firms in Nigeria for a period of 10years, 2015-2024. To achieve this objective, Earnings per share (EPS), served as the dependent variables for this study proxy for earnings quality, while board size (BSIZE), board gender diversity (BGDIV) and audit committee independence (ACIND) served as the independent variables. Ex-post-facto research design was utilized for this study. Data used were sourced from Annual Reports and Accounts of the 17 out of 21 consumer goods firms quoted on the Nigeria Exchange Group. Descriptive statistics, Phillips-Perron (PPT) Unit root test, Johansen Co-integration, Granger causality and Ordinary least square regression (OLS) were the analytical tools for this study. The results revealed that the variables were normally distributed, and there was a causal relationship between indirect tax revenue indicators and economic growth. There exist a long-run relationship between corporate governance and earnings quality, evidence from consumer goods firms .The OLS result shows that corporate governance indicators had a significant effect on earnings quality of consumer goods firms. It was found that board size, board gender diversity and audit committee independent are important determinants of corporate governance frameworks for shareholder and investor protection. Based on our findings, the study concluded that corporate governance has a great effect on the earnings quality of listed consumer goods firms. The study recommended that firms should encourage larger board members with independence, gender diversity and strong audit committee expertise and independence in order to promote effectiveness of the committee which, thus, increases the quality of financial reporting. Keywords: Corporate Governance, Earnings Quality, Board Size, Board Gender Diversity and Audit Committee Independence.

This study examines the effect of short-term debt, financial leverage, and market value on stock prices of non-cyclical consumer companies listed on the Indonesia Stock Exchange during the 2021–2025 period. Using a quantitative explanatory approach, the analysis applies panel data regression estimated with EViews. The results show that short-term debt and financial leverage do not have a statistically significant impact on stock prices, indicating that liquidity and capital structure are not primary valuation considerations in this defensive sector. In contrast, market value, proxied by earnings per share (EPS), has a positive and significant effect on stock prices, highlighting the central role of profitability and investor perception in price formation. These findings suggest that the relevance of financial indicators is sector-dependent, with profitability-based signals dominating investor decision-making in non-cyclical consumer firms. This study contributes sector-specific empirical evidence under the post-reclassification market environment and provides practical insights for investors and corporate managers. Future research is encouraged to include additional variables or cross-sector comparisons.

This study examined the effects of capital structure on the performance of selected quoted manufacturing firms in Nigeria from 2015 to 2024. Four models were specified to capture the influence of capital structure on the selected firms’ performance. Capital structure was proxied by equity (EQF) and total debt of firms (TDF) while firms’ performance, by returns on assets (ROA), earnings per share (EPS) and dividend per share (DPS). Data were sourced from the annual financial reports and balance sheets of the selected firms in various years. The Augmented Dickey Fuller (ADF) and Phillips Perron (PP) unit root tests were conducted to test for the stationarity of the series, while the Panel Ordinary Least Squares (POLS) estimation technique was adopted to test for the long run relationship of the series. The fixed and random effects estimation was also conducted while the Hausman test allowed us to select which model was more efficient for the analysis. The findings revealed that both equity and debt were positive but only debt was significant in explaining changes in returns on assets. Equity was negative while debt was positive but both were significant in explaining changes in earnings per share of the selected firms. Equity was negative while debt was positive but both were not statistically significant in explaining changes in dividend per share. The study recommended that an optimal mix of equity and debt financing will be appropriate for optimal utilization of assets and debt to leverage returns. Firms should embark on more holistic and strategic policies geared towards increased profitability and decreased number of outstanding shares at the same time. Equity and debt can be leverage to create value for shareholders through increased financial leveraging, tax benefits, cost of debts and equity financing.

Maqasid Syariah allows us to apply the principles of Maqasid in investing, including investing in stocks. Stock indices have screening criteria that can be adjusted to comply with existing Maqasid Syariah principles. This research aimed to analyze how the ISSI, IDX ESG Leaders, IDX High Dividend, and IDX Sharia Growth stock indices can be utilized for investment in accordance with the five principles of maqashid shariah. This quantitative descriptive research used secondary data from financial report and IDX. The collected data then filtered using the Maqashid Sharia principles appropriate to each stock index. The stock then valued using the PER approach. The analysis results indicate that TLKM and UNVR stocks meet the criteria of the five maqashid shariah principles. Subsequently, these two stocks were evaluated using the Price to Earnings Ratio (PER) approach. The data used consists of Earnings Per Share (EPS) over the past eleven years and the annual average PER. The results reveal that TLKM is currently undervalued, whereas UNVR is overvalued. This study further demonstrates that investors can leverage these stock indices to invest in alignment with the five principles of maqashid shariah.

In global era, business organizations corporate social responsibility (CSR) was still a lack of clarity on whether that initiative is expenses or investment for business. This research aims to analyze the influence and correlation between CSR efforts and the financial performance of publicly listed companies in Nepal. Descriptive and causal research design was applied to carry out this examination. For that, published annual and CSR reports were collected. The findings demonstrate that return on assets (ROA), net income (NI), and earnings per share (EPS) substantially validate the firm’s performance. It approves that the expenditure on CSR is set to prove an investment instead of a cost. This study may encourage equally firms’ executives to consider CSR as a business promotional tool rather than only responsibility towards stakeholders in general.

This study investigates the effect of environmental, social, and governance (ESG) disclosures on investment decisions in Nigeria, using a balanced panel dataset of ten listed deposit money banks from 2012 to 2022. Employing an ex-post facto research design and panel data econometric models, the analysis incorporates Return on Equity (ROE) and Earnings per Share (EPS) as proxies for investment outcomes, while ESG disclosures are modeled through dummy variables. The findings reveal that environmental disclosures significantly enhance firm profitability but reduce shareholder returns in the short term, whereas social disclosures exhibit cost-intensive characteristics that negatively affect earnings performance. Governance disclosures, however, consistently demonstrate a positive and significant impact on investment decisions, highlighting their critical role in reducing information asymmetry and building investor confidence. The study concludes that ESG integration is indispensable for sustainable financial performance in Nigeria, with governance reforms offering the most immediate investment benefits. Policy recommendations include strengthening mandatory ESG reporting frameworks, incentivizing responsible practices, and enhancing firm-level governance structures to align Nigeria’s financial system with global sustainable finance standards.

This study investigates the determinants of financial and market-based sustainability among listed Information Technology (IT) firms in Central and Eastern Europe (CEE) between 2018 and 2024. Drawing on Agency Theory, Stakeholder Theory, Resource-Based View Theory, Dynamic Capabilities Theory and Legitimacy Theory, it examines how leverage, profitability, growth and earnings quality shape firm performance and valuation outcomes. Using a balanced panel of 266 firm-year observations from Poland, Romania, Hungary and Croatia, the analysis applies fixed-effects Ordinary Least Squares (OLS) regressions with heteroscedasticity-robust (HC3) standard errors. The results reveal that lower leverage significantly enhances return on equity, confirming agency-based governance effects, while revenue growth and earnings per share (EPS) are strong positive predictors of profitability. On the contrary, rapid growth increases Stock Price Volatility, reflecting a risk–return trade-off typical of emerging technology markets. Market valuation ratios (P/E) show weak sensitivity to fundamentals, suggesting that investor confidence in CEE IT firms remains partially institutionally constrained. Overall, the findings emphasise that sustainable performance in transitional economies depends more on internal capability deployment and governance discipline than on market perception, highlighting the maturity gap between operational excellence and valuation transparency in the regional IT sector.

Profitability is a crucial measure of financial stability and operational success for firms. In Indonesia, the capital market has grown significantly, with the Indonesia Stock Exchange (IDX) reaching a market capitalization of IDR 11.67 quadrillion by 2023. However, there remains a gap in studies that comprehensively analyze the determinants of profitability across all non-financial sectors in Indonesia. This research aims to identify and analyze the determinants of profitability in Indonesian non-financial companies using both traditional panel data regression and machine learning techniques. Using quarterly data from 816 non-financial companies listed on the IDX from 2012 to 2023, this study employs panel regression with a fixed effects model and Driscoll-Kraay standard errors. Return on assets (ROA) and earnings per share (EPS) are employed as profitability measures, while firm size (LSIZE), company efficiency (CE), liquidity (LIQ), market power (MP), sales growth (SG), and sustainable growth rate (LSGR) are investigated as explanatory variables. Results from the panel regression analysis reveal that, except for LIQ, all variables have a positive and significant impact on profitability. The analysis is further refined using machine learning techniques, specifically Random Forest, XGBoost, and a deep learning neural network, which conclude that the most important variable influencing ROA is company efficiency, while the most important variable influencing EPS is firm size

The primary objective of this study is to examine the relationship between carbon emissions and firm profitability using Explainable Artificial Intelligence (XAI) methods. The research analyzes various machine learning (ML) techniques to predict firm profitability. Additionally, XAI methods such as Shapley Additive Explanations (SHAP) and Accumulated Local Effects (ALE) are employed to enhance interpretability for decision-makers. The study focuses on firms listed in the Borsa Istanbul Sustainability Index (XUSRD), utilizing 189 firm-year data points collected from sustainability, operational, and integrated reports between 2021 and 2023. The findings indicate that low carbon emissions positively influence Return on Assets (ROA), while high emissions have mixed effects, positive in some firms and negative in others. Regarding Return on Equity (ROE), the analysis reveals a negative trend. Furthermore, Earnings Per Share (EPS) emerged as the variable with the highest contribution to both profitability models. The Random Forest algorithm was identified as the most effective method for predicting both ROA and ROE. This study contributes to the emerging literature by applying XAI techniques, specifically SHAP and ALE, to interpret machine learning-based profitability models within the context of carbon accounting, offering valuable insights for stakeholders and policymakers.

The increase in energy commodity prices on a global scale in 2021-2024 has caused a windfall profit phenomenon that creates dynamics among investors on the Indonesia Stock Exchange regarding the relevance of fundamental metric signals to stock prices. This study was conducted to re-examine the effect of Return on Equity (ROE) and Earnings Per Share (EPS) on the share price of energy sector companies (IDXENERGY) by applying external control variables in the form of average coal prices. This study uses a quantitative approach with data analysis techniques in the form of panel data regression with a total of 172 observations. The analysis was conducted using a Fixed Effect Model (FEM) which was estimated using Clustered Standard Errors (by-Cross-section) in the EViews 13 application to ensure that the research results were free from heteroscedasticity and autocorrelation. The results of the study show that ROE has no significant effect on stock price while EPS has a positive and significant effect on stock price, making EPS relevant for investors in assessing the company's fundamental performance. These findings indicate that investors tend to act rationally and apply different treatment between transitory profits and fundamental profits.

This study aims to examine the impact of capital structure on the financial performance of ‎Jordanian industrial companies listed on the Amman Stock Exchange (ASE). A descriptive ‎analytical approach was employed, using a sample of 33 Jordanian industrial companies listed on ‎the ASE. The Statistical Package for the Social Sciences (SPSS) was used to test the effects of ‎the independent variables on financial performance.‎ The results reveal a statistically significant negative relationship between total assets (TA) and ‎financial performance (FP) at the 1% level. Conversely, a statistically significant positive ‎relationship at the 1% level was found between interest rate protection (IRP), asset turnover ratio ‎‎(ATOR), current ratio (CR), earnings per share (EPS), and financial performance (FP). However, ‎there was no statistically significant relationship between market-to-book value (MBV) and ‎financial performance (FP) when measured by the return on assets (ROA). Furthermore, a ‎statistically significant negative relationship at the 1% level was observed between MBV and FP. ‎On the other hand, no statistically significant differences were identified between TA, IRP, ‎ATOR, CR, EPS, and FP when ROA measured FP‎.

This study aims to analyze the impact of Corporate Governance Rating (CGR) on the financial performance of companies listed on the Borsa Istanbul Corporate Governance Index (BIST CG Index) in Turkey, which is classified as a developing country. In this study, 16 firms traded in the BIST Corporate Governance Index and having a corporate governance rating (CGR) between 2009 and 2023 are evaluated. Return on Assets (ROA), Return on Equity (ROE), Earnings Per Share (EPS), Earnings Before Interest and Taxes (EBIT) and Financial Leverage (FIN-LEV) Ratios are the dependent variables, while the independent variable is CGR. Correlation and panel Granger causality analyses were applied to the 209 observation values obtained from the data. The results show that there is a statistically significant but negative relationship between CGR and ROA, ROE, EBIT and financial leverage. Panel Granger causality test results indicate the existence of a unidirectional causality relationship from CGR to EPS. There is no causality relationship between CGR and ROA, ROE, EBIT and financial leverage. The results are important as they show that compliance with corporate governance ratings is a cost element for Türkiye. Accordingly, policymakers in Türkiye should provide more support and incentives to businesses in terms of corporate governance practices and make regulations that will remove the negative impact on their financial structures.

This research explores the connection between the diversity of boards of directors and the performance of firms within the realm of publicly traded companies in Egypt. As the practices of corporate governance continue to evolve, particularly in developing markets, the composition and diversity of boards have gained significance in influencing organizational results. A varied board composition, encompassing factors such as gender, culture, and educational background, can affect decision-making processes, strategic supervision, and ultimately, the performance of the firm. In this study, firm performance is assessed through three commonly recognized financial metrics: Return on Assets (ROA), Return on Equity (ROE), and Earnings Per Share (EPS). The objective of this research is to empirically investigate the hypothesis that board composition diversity significantly impacts firm performance. By shedding light on how governance frameworks influence financial results, this study adds to the broader discourse on corporate responsibility and sustainable value creation, as well as providing practical implications for policymakers, regulators, and corporate stakeholders in comparable economic contexts.

This study was conducted to examine the influence of financial ratios on stock price movements of nickel mining companies listed on the Indonesia Stock Exchange (IDX) from 2020 to 2024. Indicators used in the analysis include Return on Equity (ROE), Earnings per Share (EPS), Debt to Equity Ratio (DER), Price Earning Ratio (PER), and Price to Book Value (PBV), which represent aspects of profitability, solvency, and market valuation of the company. A quantitative approach was used in this study by processing secondary data in the form of annual financial reports from issuers that met the selection criteria. The results showed that each company has a different performance pattern based on the five ratios, where ANTM shows stability and growth, TINS ​​presents high volatility, while INCO excels in a conservative financial structure. These findings are expected to serve as a reference for investors in making decisions based on fundamental analysis, as well as provide additional references for management and academics in assessing the dynamics of the nickel industry in Indonesia.

This study aims to measure the impact of sustainability indicators disclosure, based on Global Reporting Initiative (GRI) Standards in accounting sustainability reports, on enhancing company value at Jordanian extractive and mining industries companies listed on the Amman Stock Exchange (ASE) with data available in the financial market during 2020–2023. The researchers used a number of financial indicators in the statistical program (EViews), including return on equity (ROE), earnings per share (EPS), return on assets (ROA), leverage (LEV), and also gave weights to the disclosure items of sustainability accounting, and its economic, environmental, and social indicators. The study found a positive impact of sustainability indicators disclosure on enhancing the company value of Jordanian extractive and mining industries companies. The study recommended Jordanian companies to utilize all available means and capabilities for the purpose of expanding their services and differentiating investments, in order to increase the efficiency of these companies and achieve returns. The study also recommended encouragement of all companies to commit to the disclosure of waste and emissions reduction requirements, which include direct and indirect greenhouse gas emissions resulting from energy consumption, where optimizing resource consumption across operations not only contributes to cost savings but also improves company value

This study examines the impact of corporate governance practices on the financial performance of companies listed on the Muscat Stock Exchange (MSE) in Oman. The research focuses on key governance variables such as board size, board independence, audit committee effectiveness, and ownership structure. Financial performance is evaluated using indicators including Return on Assets (ROA), Return on Equity (ROE), and Earnings Per Share (EPS) over a five-year period (2019–2023). A quantitative methodology employing regression analysis is used to identify relationships between governance mechanisms and performance outcomes. The findings reveal a significant positive correlation between strong corporate governance and improved financial performance, particularly in companies with independent boards and active audit committees. The study underscores the importance of governance reforms in enhancing corporate accountability and investor confidence in Oman's capital market

This study aims to analyze the impact of profitability, leverage, company size, and dividend policy on stock prices of companies listed in the LQ45 index during the period of 2020-2023. The methodology employed is quantitative analysis with a panel data approach, utilizing multiple linear regression to test the hypotheses. Data is obtained from the financial statements of companies listed on the Indonesia Stock Exchange. The findings reveal that profitability, measured by Return on Assets (ROA), the significant value of the t-test of 0,00 <0,05 and the t-table of -12,345 shows the results of a negative effect. while Earnings Per Share (EPS) the the significant value of the t-test of 0,00 <0.05 and the t-table of 14,373 shows the positive effect. Leverage, measured by Debt to Equity Ratio (DER) the significance value of the t-test of 0,327> 0,05 and Debt to Asset Ratio (DAR) the significance value of the t-test of 0,059> 0,05, does not have a significant effect. Company size, measured by total assets, the significant value of the t-test of 0,00 <0,05 and the t-table of -11,581 shows the results of a negative effect, whereas market capitalization the the significant value of the t-test of 0,00 <0.05 and the t-table of 14,164 shows the positive effect. Dividend policy, measured by Dividend Payout Ratio (DPR), does not significantly effect stock prices, the significant value of the t-test of 0,133 >0,05.